Clear, a fintech SaaS company, has announced the launch of its Invoice Registration Portal (IRP) services that offer an infrastructure to generate e-invoices for the nation. This IRP license was awarded to Clear by GSTN.
With the launch of IRP services via private players, India has launched a new operating model. Additionally, commerce and trade in India should benefit from the increased trust built on top of real-time, fully reconciled, traceable data systems that act as a support system for payments, shipments, invoices, financing, taxes, and withholdings, said the company.
Clear, as an Invoice Registration Portal (IRP), will aim to provide the best user experience and back end for the nation. The Government anticipates a large number of electronic invoices to be generated through and registered with the IRPs.
Clear said it will build the system with functionality for the largest businesses, as well as the smallest businesses, and also for technology companies serving India. The platform’s infrastructure will simplify operational challenges, and will allow tax compliance to become seamless, it said.
Archit Gupta, Founder and CEO, Clear said, “This infrastructure will be largely digital and therefore, be affordable, scalable, modern, secure, and pervasive at the same time. Government authorities are creating a great partnership with private players to bring this vision to life. Clear is excited to be one of the selected ones. These digital innovations will result in ease of business and fuel innovation at an individual level and at a company level - both small and large.”
Clear said it will build products that include form factors and languages that will increase access for all, long-term archival, retrieval and data systems for those that do not have sophisticated infrastructures, infrastructure to share and receive invoices, automation for finance functions, including those dealing with vendors and customers, and affordable financing options for all ecosystems.